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According to a report from the Wall Street Journal, FuboTV Inc. (NYSE:FUBO) filed a suit to block Fox Corp (NASDAQ:FOX), Walt Disney Co (NYSE:DIS) and Warner Bros. Discovery Inc (NASDAQ:WBD) from offering a joint venture sport-streaming platform.
According to the report, the group wouldn't let Fubo carry a small bundle of sports-focused channels that would be included in the new platform. Fubo also said the group is charging above-market prices and the proposed sport-streaming service would increase the media companies' incentives to not make the content available to competitors.
"For decades, Defendants have leveraged their iron grip on sports content to extract billions of dollars in supra-competitive profits from distributors and consumers," the suit said. "Defendants earned many of these profits by ‘bundling' their commercially critical sports content with other, less desirable content —forcing sports fans to purchase channels they did not want."
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Shares of Disney, Warner Bros. Discovery and Fox moved lower following the report of FuboTV’s suit.
FUBO, FOX, DIS, WBD Price Action: According to Benzinga Pro, FuboTV shares closed Tuesday down 3.38% at $2, Fox shares closed down 1.14% at $27.63, Walt Disney shares closed down 1.94% at $109.44 and Warner Bros. Discovery shares closed up 0.61% at $9.89.
Photo: Stefan Coders from Pixabay
